FINANCE & OPERATIONS
In the beginning of 2020 , Teach For Armenia underwent an annual audit of the previous fiscal year . Deloitte , one of the “ Big Four ” accounting organizations , renewed its partnership with us to conduct the yearly audit . Results of our 2019 fiscal year audit showed that Teach For Armenia presents and records its financial performance , statements , and cash flow accurately and in accordance with International Financial Reporting Standards ( IFRSs ).
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Early in the year , we also participated in an organization efficiency study coordinated by Teach For All . Through the study , the finances of 27 network partners were evaluated against their programmatic outcomes . According to the findings , Teach For Armenia ’ s spending was characterized as “ average ” with “ higher than average ” results in most categories . Meaning , the investments we have made into our program are on par with other organizations with a similar model while achieving higher rates of success . Three months after the study , the pandemic hit , pushing the organization to be even better stewards of our resources .
With the onset of COVID-19 , Teach For Armenia ’ s Finance and Operations Team took action to secure the financial health of the organization . Unsure of the long-term impact of the pandemic , we took cost-saving measures and reduced our 2020 operational and functional budgets by 22 %. As a result , we accumulated $ 600,000 in savings .
Additionally , we found other ways to be financially prudent . Through our campaign to End the Digital Divide , we worked closely with the government in order to secure a value-added tax exemption on Lenovo tablets that would be donated to our partner schools , accounting for $ 46,000 in savings . Meanwhile , through our partnership with an import vendor , we were able to secure additional savings of $ 18,000 on a subsequent order of devices .
Despite the challenges of 2020 , Teach For Armenia has been able to mitigate risks and adapt its financial and operational processes . Due to cost optimization , thoughtful stewardship of our resources , and a successful fundraising season , Teach For Armenia is on track to further expand the reach of its program in 2021 so that more students can attain an excellent education .
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